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  "documentTitle": "Lazard Ltd (LAZ)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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      "text": "Public independent advisory firms target compensation ratios of 55% or less",
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      "text": "Compensation Expense Ratios (FYE 2011)",
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      "text": "Public independent advisory firms target compensation ratios of 55% or less(1)(2)\nAsset managers have lower compensation ratios and typically pay out approximately 40% in comp",
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      "text": "compensation expense ratio: 55%",
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      "text": "Source: SEC filings. (1) Trian estimates... (2) Greenhill targets... (3) Asset management margins...",
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      "text": "Compensation Expense Ratios are Similar Across Firms",
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